Friday Funding: TeraWatt Exits Stealth Mode, Raises $1 Billion

Latest Funding Round

TeraWatt is an electric vehicle charging company that operates in 18 US states, mainly in the West. It focuses on building electric vehicle charging infrastructure for commercial fleets.

Most recently, TeraWatt secured over $1 billion in Series A funding. This will allow it to continue building out charging centers for commercial vehicles.

So far, Keyframe Capital, Cyrus Capital, and Vision Ridge Partners have led the funding for TeraWatt.

What TeraWatt Does

When talking about electric vehicles, it’s easy to focus on companies like Tesla (TSLA), Ford’s (F) EV mustang, and other consumer models. But, the bulk of global transportation consists of commercial vehicles. When the massive fleets of Amazon (AMZN), FedEx (FDX), and UPS (UPS) go electric, the need for charging will go through the roof. This is where TerraWatt comes in.

TerraWatt doesn’t build electric vehicles. Instead, it focuses exclusively on charging for light, medium, and heavy duty commercial electric vehicles.

Right now, TeraWatt is in the process of securing real estate in strategic locations for its fleets. This mainly includes property along highways in areas with access to cheap energy. From there, it plans to continue expanding its portfolio of commercial charging stations.

Keeping Commerce Moving

Neha Palmer, the company’s CEO, has stated that “grid capacity will be an issue for the entire industry, and for many industries, as the ‘electrify everything’ transition continues.” In other words, vehicles are going electric quickly, but that doesn’t mean that the infrastructure is necessarily in place to support this transition.

To prepare, Palmer expects a lot of collaboration between grid owners, operators, utilities, regulators and end users. This is part of the reason that TerraWatt has its foot on the gas. It wants to work with utility companies from the onset, so it can leverage tools for on-site generation and batteries to improve energy consumption.

By getting an early start and securing another round of funding, TeraWatt hopes to keep commerce moving around the country.

Things are changing daily within the financial world. Sign up for the SoFi Daily Newsletter to get the latest news updates in your inbox every weekday.
Sign up

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Adviser
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

Comments are closed.